The Court of Appeal in Lagos has ordered the seizure of Zenon Petroleum & Gas Limited’s Victoria Island headquarters over an unpaid judgment debt of N7.2 billion.
In a ruling delivered on June 26, 2025, the appellate court directed the attachment of the company’s asset, Victoria Island Towers, following a prolonged legal battle between the Asset Management Corporation of Nigeria, AMCON, and Zenon Petroleum.
AMCON had previously secured a judgment from the Federal High Court in Lagos against the company for its indebtedness, which led to the enforcement order by the Court of Appeal.
Under the ruling, Zenon’s management, led by Mr. Femi Otedola, is barred from selling, transferring, or dealing in the property until the debt is fully settled.
The court further appointed a Deputy Chief Registrar to oversee the enforcement process and ensure compliance with the order.
Zenon Petroleum & Gas Limited is one of the businesses owned by the business mogul.
His chain of businesses also traversed power and recently banking, after he became the Chairman of First Bank.
Discover more from The Source
Subscribe to get the latest posts sent to your email.
